Withdrawn
Withdrawn Prior
Sold
Sold Prior
Sold Post
The property comprises a high yielding retail/leisure investment let on a 15 year lease with no breaks to Loungers plc.
Arranged across ground and three upper floors, the ground and first floors are let to Loungers plc (t/a Ocullo lounge) on a 15 year lease with no breaks expiring 17/01/2038. The tenant commenced occupation in 2023 and we understand approx £1.3m was spent on fit-out.
The ground floor retail unit at 5-7 Nevill street is sold off on a Long Leasehold basis at a peppercorn rent.
The upper parts to the second, third and fourth floors are currently vacant and may be suitable for development to provide alternative uses, including residential (subject to obtaining the requisite consents).
The Grade II listed building occupies a prominent corner pitch in the historic centre of Southport. The street benefits from high footfall and is characterised by a mix of local and national retailers and restaurants. Nearby occupiers include Caffe Nero, Prezzo, and HSBC.
Tenure
Freehold
Tenancy
The ground and first floors are let to Loungers plc (t/a Ocullo lounge) on a 15 year lease with no breaks expiring 17/01/2038.
The lease is on effective FR&I terms and includes 5 yearly, upward only, open market rent reviews.
The ground floor retail unit at 5-7 Nevill street is sold off on a Long Leasehold basis at a peppercorn rent.
Loungers plc
Source: ICANS
Founded in 2002; the Loungers Group operates from over 260 sites across the UK. The group continues to grow with ambitions to expand by 30 new stores per year.
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